CAGAYAN DE ORO CITY (PIA)--The Securities and Exchange Commission (SEC)–Cagayan de Oro Extension Office has stopped from receiving manual submission of reports both in stock and non-stock corporations after releasing a notice directing all corporations to utilize the Electronic Filing and Submission Tool (EFAST).

Over the years, the mode of submitting reports with the SEC is done by reproducing them in hard copies and travelling to the nearest SEC Extension Office to place the reports for acceptance. This would consume resources from papers, time, and travel expenses. As we are still experiencing the global pandemic, mass gathering and physical interactions are also limited which challenged the strategy of the Commission in evaluating and accepting report submissions with efficiency during the crisis.

Early this March 2021, the Commission launched the Online Submission Tool (OST) which is now called EFAST as an online facility in submitting reports. Through EFAST, reports such as the General Information Sheet (GIS), Financial Statement (FS), and other special forms are already accepted in the portal.  In order to submit reports, the portal requires corporations to enrol their company and its designated filer. With this innovation, the Corporation is no longer required to travel and place their submissions, reproduce reports in five copies, and stay in long lines in order to have their reports accepted. This has saved time, money, and resources among the clients.

Although enacted since last year, the Commission provided leeway among the Non-Stock Corporations until March 2022 to submit their reports manually given the technical challenges in using the portal. However, in April this year, it was already directed that all corporations shall use the EFAST for submitting reports hence manual submission is not anymore allowed.

The SEC Cagayan de Oro Extension Office (SEC-CDOEO) provides kiosk to those clients seeking technical assistance in enrolling their company and filer accounts with daily attending officer. Also, as part of the communication efforts, the SEC-CDOEO initiates an on-boarding webinar for those who are in distant areas and yet asks for support in completing their EFAST enrolment via virtual discussions.

“This transition is really a milestone for all of us here in the Commission - this is our way of staying true to our commitment for ease of doing business. Although there are still glitches along the way, but the Commission extends its consideration and we are really hoping for the cooperation of all our stakeholders in this endeavour” says Director-Lawyer Frederick A. Enopia for SEC-CDOEO in a statement.

The Commission highly recommends digital transformation in all of its services and EFAST is a product of it. (SEC-CDO/PIA-10)